The year 2020 created a massive storm in the Indian startup ecosystem that raised $9.3 billion; amongst these startups, the biggest gainer was hotel booking apps and food delivery apps. And the sector that reached a unicorn status- e-fashion retailer and an e-baby product company.
This may be apparent to celebrate India's startup system. However, scratching the surface, you may find that in the crowd of apps, India is missing the real innovation despite Indians engineering strength and hype in the technological sector. In the global innovation index, India ranks 48 out of 131countries globally.
Also, the Indian government should make ways to plant semiconductor fabrication plants for world-class innovation.
The Innovation of Technology and National Interest
Over the past few years, Taiwan is leading its position in building the thinnest, fastest, most potent semiconductor. The chips offer powerful building blocks, manipulating the digital industries like Artificial Intelligence and the fastest computing track. Taiwan continues to punch above its weight. However, it is the progress in technology that adds value to the resilient nation. India is equally strengthening its economic growth with indigenous technological innovations. Technology comes in various forms, whether with the cutting edge online selling of used cars or self-driven cars.
Private Sectors - The Land of Endearing Technology
India's private sectors are paving the way of building new peripheral apps to repackage the dull old idea of providing services in a digital-oriented manner. They are tending to corporate innovation in the businesses rather than selling products. For example- in the cab-aggregator app, here the app acts as a digital mediator to connect the driver with passengers in the intent of transportation.- the much-needed relief for transportation problems.
India is shedding its self-reliance protocol by depending on other countries, which are tasting genuine innovations using new tech trends. An example of missing innovation is that everyone desires 5G/6G services, but how many of us are indulging in building such services is to be noticed. Here, India lacks behind in building innovations or acquiring them fruitfully.
Not Endearing but Profound Technology
To go deeper in the sense of technology, Research and Development (R&D) can give a significant chance to grow larger without missing real innovation in the business world. If that is the case, the deep tech will entail network architecture, semiconductor development, among others. India needs to invest more in R&D and make a building strategy to make their position in the marketplace, changing people's mindset and buying patterns. If you look at the US and France-you can examine the differences. There, the government is the biggest consumer and financier of deep techs. After all, progress in technology leads to deep technology, starting from designing a mobile processor, the invention of a passenger aircraft. India needs proper funding in the private industry to develop deep techs, and the government is also making different programs for private party innovations.
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However, the most dominant countries pay more for R&D, making it a recurring pattern. The US spends 2.7% of its GDP on R&D. Taiwan spends 3.36 on R&D and is considered the third-highest spender. China stands at 2%, while India is at 0.7%.
Thus, India needs to mimic the countries like Taiwan and Israel to dominate the niche technologies, making a self-reliant India near fortune.